Debt plan rejected
October 11th, 2009 by Questions
I recently had a debit on my account that I could not explain. When I investigated, I found that the debit (which amounted to roughly 20% of my monthly earnings) was the result of a garnishment order in effect to repay a $23,000 debt to CIBC Visa.
I contacted mydebtsolution to help resolve this. Mydebtsolution contacted CIBC to propose a debt plan to pay not only the $23,000 debt to VISA but also the $12,000 Personal Line of Credit owing to CIBC (which was up to date). In response, CIBC said it had `no incentive` to agree to such a plan, especially considering that the garnishment order was in effect.
In this case, are there alternatives to declaring bankruptcy? If I close my personal bank account with CIBC, will the garnishment order follow with my new personal bank account?
Thank you for your time.
Posted from: Alberta